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PayPal's Early Days
- PayPal, founded in 1998 as Confinity, initially focused on PalmPilot payments.
- It pivoted to online money transfers and merged with Elon Musk's X.com in 2000.
eBay's Control Play
- eBay's acquisition of PayPal was a strategic move to control a key component of its platform: payments.
- PayPal's success was largely driven by eBay transactions, creating an interdependent relationship.
eBay's Modernization
- In 2002, 60% of eBay transactions were not settled electronically.
- The acquisition aimed to modernize payments, reflecting a shift towards e-commerce.